Petrol, Diesel Is Now Cheaper By Rs 5/Litre! Find Out How?

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Interestingly, among the NE states, Assam levies the highest VAT- 30.90 pct on petrol and 22.79 pct on diesel.

Petrol rate registered a similar increase in Mumbai where it was being sold for Rs 87.29 (increase by Rs 0.14) per litre.

Petrol rate is the highest in Mumbai and diesel rate is the highest in Chennai. Diesel prices were also reduced by Rs 2.50 per litre to Rs 72.95 per litre.

Following the centre's path, Gujarat and Maharashtra also reduced fuel prices by 2.50 per litre.

Mr Jaitley said that since states taxes on petrol and diesel was on ad valorem basis, they will only have to forego additional revenue which came after oil prices had started rising.

The Finance Minister, Arun Jaitley briefed the media today and announced the government's decision to cut the excise duty on fuel prices both petrol and diesel by Rs 1.50 per litre with immediate effect.

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Congress chief spokesperson Randeep Surjewala claimed it was a "panic reaction" by the government after facing public ire and an "imminent defeat" for the BJP in upcoming assembly elections in five states, and said the step will bring little relief to the people as it is like "reducing death sentence to life imprisonment".

However, the Federation of All Maharashtra Petrol Dealers Association (FAMPEDA), Chairman, Uday Lodh, while welcoming the reductions, pointed out that the daily price increase by the Oil Marketing Companies will continue as per the global crude oil price fluctuations. Finance Minister Arun Jaitley on Saturday assured the markets that the government would not go back to regulating fuel prices.

As per the Finance Minister, the states can cut Value-Added Tax by Rs 2.5, and hence, make the overall reduction of price by Rs 5 per litre.

The cuts will cost the Centre Rs 10,500 crore in tax revenues, he said. This will reduce the overall price by about Rs 5.

Nayara, Reliance and smaller private rival Shell together own around 6,000 fuel retail outlets, compared to the 55,000 outlets operated by state firms.

By lowering duties, the Narendra Modi government is borrowing a page from the rulebook of past governments that have lowered levies whenever worldwide oil prices shot up. Any further revenue loss, however, could widen the fiscal deficit.

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